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Thursday September 29th, 2022

Sri Lanka expansion eyed by Acuity Knowledge Partners amid soft-peg collapse

ECONOMYNEXT – Acuity Knowledge Partners, a knowledge process outsourcing firm said its Sri Lanka unit will increase its headcount 10 percent this year despite monetary instability and has raised employee benefits to protect them.

The company plans to increase its headcount to 500 from the current 450.

“The organisation has established long standing relationships with all the major state universities and global professional bodies such as ACCA, CIMA and CFA, with whom it has close ties,” Chanakya Dissanayake, Managing Director and Country Head, Sri Lanka said,

“Through these relationships Acuity is growing the pool of technically sound finance and research talent in Sri Lanka.

“As the country experiences increasing challenges, the company continues to invest substantially in its people, recognising the importance of professional services to the continued functioning of financial markets, and contributing meaningfully to its employees, clients and communities.”

The firm says it serves over 50 global clients from its Colombo unit.

Sri Lanka’s inflation has topped 50 percent in the 12 months to June 2022 while the rupee has fallen from 200 to 360 to the US dollar.

Sri Lanka has an intermediate regime central bank operating a highly unstable flexible exchange rate (soft-peg) which is neither a clean float nor a hard peg, triggering currency crises, forex shortages and high inflation.

From July 01, 2022, Acuity’s Colombo-based employees will get a higher medical insurance cover, an increase in annual base salary as a long-term measure and an additional monthly cost-of-living allowance for at least the next six months.

Surgical and hospitalisation cover will be raised 25 percent, life insurance will be raised 25 percent and out patient cover has also been raised.

Employees were also given higher salaries and performance bonuses in April.

In addition to the enhancement of medical insurance and OPD covers, Acuity is providing even increased allowances for transport, meals and other expenses.

“While the current economic conditions present many challenges, these will not deter Acuity Knowledge Partners from expanding its presence in Sri Lanka,” Chief executive Robert King said.

“We have grown both our global and Sri Lankan staff significantly since 2020 and we expect the growth momentum to continue in the future.

“The creation of centres of excellence and the sustainability of high-quality talent is a long-term project. In the past two decades, Acuity has played a significant role in Colombo’s rise as a centre for international financial services. We will continue that commitment.”

The company has been Sri Lanka since 2003. (Colombo/July27/2022)

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